Insurance-focused outsourcing company Xchanging Plc said it had received competing takeover offers from larger rival Capita Plc and U.S.-based private equity investor Apollo Global Management LLC.Apollo's 170 pence per share all-cash offer values the British company at about 421 million pounds ($645 million), based on its shares outstanding as at Sept. 24, and is higher than Capita's fourth proposal of 160 pence per share.Shares in Xchanging - which offers services ranging from back-office invoice processing to insurance claims settlement - surged about 55 percent to 171.25 pence, indicating that some investors expected a higher bid. The news of takeover interest comes months after Xchanging said its procurement unit performed poorly in the first half and that its chief executive would leave.
Apollo Global Management, LLC is an investment manager in private equity, credit and real estate. Shares of APO traded higher by 1.56% or $0.28/share to $18.18. In the past year, the shares have traded as low as $15.35 and as high as $25.80. On average, 970770 shares of APO exchange hands on a given day and today's volume is recorded at 474762.
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